GVC Holdings secures four German sports betting licenses12th October 2020 8:05 am GMT
London-listed gaming operator GVC Holdings has been awarded four sports betting licenses in Germany.
The company secured license approval Friday for its bwin, SportingBet, Ladbrokes and Gamebookers brands, enabling each brand to offer sports betting across Germany under the transitional gambling regime adopted in September.
The transitional regime allows licensed operators to serve the market in the period up to the implementation of the new German State Treaty on Gambling, which comes into force on July 1, 2021.
“The award of these licences is great news for GVC, bringing the clarity and certainty that we have long sought for sports-betting in Germany,” said GVC chief executive Shay Segev. “Combined with the recent Tolerance Policy we can now look confidently to the future, building on our position as a market leader by delivering an unparalleled, innovative experience for our German customers.”
“The much-anticipated regulation of online gaming in Germany re-enforces GVC’s position as the most globally regulated and responsible operator in our industry,” Segev added.
All four licenses have been issued with immediate effect, although the timing for the implementation of conditions attached to the licenses is yet to be determined. The conditions include an initial €1,000 per month wagering limit for all customers, deposit limits prior to customer verification, maximum €100 annual bonus per customer, and certain responsibility requirements.
GVC is currently working with the German regulator on an implementation plan which is expected to be in place by early 2021, with the newly licensed operations predicted to have a £40m negative impact on annual EBITDA.
Shares in GVC Holdings plc. (LSE:GVC) were trading 0.43 per cent lower at 1,087.00 per share in London early Monday morning.